- The joint venture between automobile companies Stellantis NV (NYSE:STLA) and Guangzhou Automobile Group Co (GAC) in China is expected to file for bankruptcy.
- The shareholders of the GAC-FCA Joint Venture have approved a resolution authorizing the JV to file for bankruptcy in the wake of making a loss.
- Stellantis fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half 2022 financial results.
- The JV has been producing Jeep vehicles in China.
- Stellantis plans to continue providing services to existing and future Jeep brand customers in China.
- Also Read: This 12-Time NBA All-Star Is Making Autoparts With Plants, Predicts ‘All Plastics Will Be Made From Cannabis’
- Price Action: STLA shares are trading lower by 0.81% at $13.46 in premarket on the last check Monday.
- Photo Via Company
Meta’s AI-Powered Future At Connect 2023, Analysts Show Positive Reception
On Wednesday, Meta Platforms Inc (NASDAQ: META) Chief Executive Mark Zuckerberg rolled out new AI products for consumers, including AI Assistants (Meta AI), image editing and generation tools (Emu, Backdrop, Re-Style), and a new platform for developing customized AI assistants (AI Studio) and an&n
